This week, industry stalwart Gerald Simonds Healthcare revealed it has been acquired by investment firm Borrum Partners with plans to expand itself with the newly available resources.
But who is Borrum Partners and who is the team behind the firm that has taken on one of the biggest names in mobility retail?
Borrum is a relatively new company, incorporating in May 2017 and lists itself as a London-based management consultancy and strategic investor.
Its activities include providing services and support in the areas of strategy consulting, leadership development, business re-engineering and restructuring, and it invests in “suitable businesses”.
Borrum claims 60 years of board-level experience and it is primarily led by Richard Boys-Stones and Bob Darke, who have both had experience as business leaders and a background in health, finance and retail respectively.
Boys-Stones’ background in health includes being a member of PwC’s Health restructuring team working with Monitor, NHS England, providers and commissioners to “stabilise organisations and to drive efficiencies” across the sector.
He was also appointed to work with the board of a major UK DIY retailer to implement a value recovery programme following the discovery of major accounting irregularities and subsequent share suspension.
This process involved negotiation of new trade terms with around 100 suppliers.
Drake meanwhile, has a more retail focused background, having worked with major Thai retailer, Big C Supercenter where he grew gross margin extensively and reduced reliance on supplier contributions.
His work also included relaunching the retailer’s website, introducing mobile shopping and helping to produce one of the only profitable trading websites in Thailand, growing at a rate of 70% year-on-year.
Drake also worked with Power Buy Ltd, a leading Thai electrical retailer, where he opened 20 new stores and closed 15 poorly performing outlets. He also changed the firm’s merchandise and warehouse management systems and built a large distribution centre to improve our supply chain capability.
There is no doubt that Drake’s expertise in distribution will help to facilitate Gerald Simonds’ side of the business that sells to fellow equipment retailers. Likewise, his retail experience regarding stores and e-commerce could play an important part in Gerald Simonds’ growth ambitions.
Combined, Borrum’s partners hold a solid amount of health and retail expertise which places Gerald Simonds in a strong position for future growth, many would argue. Especially when you consider the position Gerald Simonds holds in the market and the solid foundation for growth it presents.
Borrum Partners says its name takes inspiration from the Celtic god of wind and professes to help its clients “identify and react to embrace” the winds of change.
Given the changing nature of the mobility market and the need for retailers to adapt in today’s climate, Borrum certainly pitches itself as the ideal buyer for Gerald Simonds. However, as a new investment firm on the block, only time will tell how well suited the match is to weathering the tough climate.